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End Results

MN 100: Gencorp Insurance Group

Gencorp.jpg

The Company: Gencorp Insurance Group provides the Insurance and Surety needs of Marine Contractors, Vessel Operators and Shipyards throughout the country and Caribbean. Gencorp’s Marine Group facilitates the coverage placement and claims settlement for all insureds, utilizing a team that has a Maritime Academy background or professional waterfront experience. Ask any group of Owners to design and build a full service insurance brokerage with all of the services and resources that they demand – the end result would mirror the Gencorp organization; Marine Insurance, Surety, Claims Management, Employee Benefits, and Financial Services, all under one roof. The Case: Gencorp is licensed in 47 States, Puerto Rico and USVI – this gives Gencorp a national presence, but as a privately held Marine Insurance Brokerage, they remain, as always, responsive to the needs of their Insureds. (As published in the August 2015 edition of Marine News - http://magazines.marinelink.com/Magazines/MaritimeNews)


SeaWave Introduces Integrator 3.0i

SeaWave LLC, a wireless communications company serving the maritime industry, is proud to announce its most recent addition to the Integrator product line, the Integrator 3.0i. The Integrator 3.0i features a built-in Iridium voice and data modem that allows any vessel to combine Integrator’s Least Cost Routing and SeaWave’s signature Throughput Technology with the low cost service fees of the Iridium constellation creating a low cost, highly available communications system.


U.S., Ghana Complete AMLEP 2015

A Ghanaian military member stands by as the Military Sealift Command’s joint high-speed vessel USNS Spearhead (JHSV 1) moors at Sekondi Naval Base, Ghana, after completing Africa Maritime Law Enforcement Partnership operations Feb. 24, 2015. Spearhead is on a scheduled deployment to the U.S. 6th Fleet area of operations in support of the international collaborative capacity-building program Africa Partnership Station. (U.S. Navy photo by Lt. Adam Cole/Released)

  U.S. and Ghanaian and maritime forces completed Africa Maritime Law Enforcement Partnership (AMLEP) 2015 operations, Feb. 24, 2015. The Military Sealift Command’s joint high-speed vessel USNS Spearhead (JHSV 1) and an embarked combined law enforcement detachment (LEDET), working in tandem with Ghanaian navy’s Western Naval Command Maritime Operations Center (MOC) and patrol vessels, were able to detect three vessels that were violating Ghanaian maritime law and cite them


Bioremediation Products Demonstrated to USCG

The U.S. Coast Guard recently received a demonstration of two Spillaway brand bio-remediation products, which contain live bacteria or spores that "eat" oil and fuel. Spillaway products are distributed by MEM International. Bio-remediation uses naturally occurring microorganisms to degrade harmful chemicals into non-toxic compounds. Microorganisms break down a wide variety of organic compounds that are found in nature to obtain energy for their growth


U.S. Navy Gives Lockheed Martin the Green Light

The U.S. Navy has given its final approval for Lockheed Martin to proceed with the integration and shipboard installation of the world's first, fully-open architecture Aegis weapon system for a major surface warship. Aegis Open Architecture will be installed in the cruiser USS Bunker Hill (CG 52) during its Depot Modernization Period (DMP), scheduled to commence in February 2008. Aegis Open Architecture will allow the Navy to stay on technology's


Shedding the Subsea Offshore LITE

OilRig_TIS 061.jpg

The Louisiana Immersive Technologies Enterprise (LITE) and Global Industries partnered to share LITE visualization technology and high performance computing capabilities with oil and gas industry leaders at OTC in Houston. “Our hosts for OTC, Global Industries, gave us the opportunity to share our exciting visualization technologies with leaders in the oil and gas industry. Through onsite simulations we developed especially for the conference


Supply and Demand: Asia-Med

Sources: Drewry Maritime Research; World Container Index assessed by Drewry

Asia/Med peak season started badly as cargo growth from Asia to the Mediterranean was poor in June, which is an ominous sign for the rest of this year’s peak season. Containerized exports from Asia to the Mediterranean rose by only 1% between May and June, up to 415,000,000 teu, which does not auger well for the rest of the peak season. As the market is partly driven by tourism, much has to be in place before the end of August


Record Volumes at Port Metro Vancouver

Photo: Port Metro Vancouver

Canada's largest and most diverse port has released its 2013 year-end results showing continued growth, including a repeat of record volumes in the container and bulk sectors. In 2013, Port Metro Vancouver also advanced several ongoing capacity building infrastructure projects, updated and extended environmental initiatives and participated in substantial community engagement activities. The 2013 year-end statistics report shows that Port Metro Vancouver handled 135 million metric tons of


Caterpillar, Uptake to Create Analytic Solutions

Photo by Caterpillar Inc

  To help customers around the world better understand the health of their equipment and optimize machine availability, Caterpillar Inc.today announced it has entered into a technology and predictive analytics agreement with Uptake, provider of a dynamic analytics and insight platform for a wide array of industries, based in Chicago, Illinois. Caterpillar has made a minority investment in Uptake and will jointly develop an end-to-end platform for predictive diagnostics to help


DNV GL Updates Offshore Class Rules

Kenneth Vareide, Director of Offshore Class at DNV GL

DNV’s Enhanced Classification Rules for mobile offshore units presented in May have been further improved through a process of industry consultation and feedback. The final versions of the related DNV Offshore Standards have been released and are available now. “Our aim has been to take class a new step forward by focusing on control, transparency and efficiency. In addition - the intention has been to ensure that the latest best practices and innovations are rapidly implemented


New Tug Heads for New Zealand

Photo: Sanmar

Sanmar Shipyards in Turkey said it is in the process of shipping a Robert Allan Limited designed Rascal Class ASD tugboat to Port Otago Limited (POL) in New Zealand.   The new tug, Arihi, named in consultation with the local Rununga (Maori council), measures 18 m long


Rising VLGCs fleet Impact LPG Freight Rates

Time charter rates Source Drewry Maritime Research

LPG shipping freight rates are forecast to deteriorate further through 2016 as a result of the fast rising fleet of Very Large Gas Carriers (VLGCs) which has already started to impact earnings of smaller vessel classes, according to the latest edition of the LPG Forecaster


London P&I Club Reports Increased Free Reserves

The London P&I Club’s result for the 2015/2016 financial year produced an overall operating surplus of $3.3 million, lifting the free reserve to $160.7 million.  This result was underpinned by a technical underwriting surplus of $15.3 million, with the combined ratio standing at 82


UK P&I Club's Good Results in Difficult Times

Alan Olivier, Chairman of the UK P&I Club

Disciplined underwriting delivers another successful year   London, 11 May 2016 – The UK P&I Club (“The UK Club”), one of the leading shipping protection and indemnity mutual insurers, announces its financial results for the year ended 20 February 2016.  


Mitsubishi Books Loss from Cruise Ship Business

Courtesy Mitsubishi

 Mitsubishi Heavy Industries, Ltd. (MHI) hereby announces its intent to book an extraordinary loss from its cruise ship business in the company's consolidated financial results for fiscal year (FY) 2015 (ending March 31, 2016). 1. Background to the extraordinary loss


Antwerp Port's Volume Growth Continues

Photo Antwerp Port

The port of Antwerp handled 53,265,552 metric tons of freight in the first three months of this year, 3.9 percent more than in the same period last year. The container volume in TEU did particularly well with growth of 4.6 percent, while liquid bulk rose to new heights with growth of 10.6 percent


Drewry Questions Viability of ‘Megaships’

Photo: Maersk Line

 Drewry Maritime Advisors  say that the trend of “big ship obsession” may soon come to an end.    The three largest carriers in the world – Maersk Line, MSC and CMA CGM – extended their dominance by taking on the most capacity


Conrad Earnings Down but Backlog Grows

Conrad Shipyard performs repairs and conversions at each of its five shipyards. Photo: Conrad

Conrad Industries, Inc. (OTC Pink: CNRD) announced its fourth quarter and twelve months 2015 results and backlog. For the quarter ended December 31, 2015, Conrad had net income of $3.4 million and earnings per diluted share of $0.63 compared to net income of $5


USCG Sees Rise of Electrical Deficiencies on Commercial Vessels

U.S. Coast Guard photo by Marine Safety Detachment Sturgeon Bay

Due to an increase in reported electrical deficiencies on commercial vessels, the Coast Guard is warning commercial vessel owners to inspect their vessels' wiring before getting underway in the spring. Coast Guard marine inspectors have discovered that a number of vessels have significant


Australian Coal Prices under Pressure from Sagging Chinese Demand

Australian thermal coal prices have fallen since the beginning of the month, pulled down by weak demand from China, and analysts said there was little hope for a rise in prices if China's imports do not pick up.   China, the world's largest coal buyer and consumer, imported 13


Diana Containerships Reports 4Q Loss

Hanjin Malta. Photo: Diana Containerships Inc.

 The Athens, Greece-based  global shipping company specializing in the ownership of containerships Diana Containerships Inc. has reported a loss of $8.8 million in its fourth quarter of 2015, compared to net income of $0.9 million for the respective period of 2014.   


Diana Containerships Posts 2015 Net Loss

Hanjin Malta (Photo: Diana Containerships)

Diana Containerships Inc. reported a net loss of $8.8 million for the fourth quarter of 2015, compared to net income of $0.9 million for the respective period of 2014. According to the shipping company, the loss was mainly the result of $6


Vard Slips into the Red

Vard Holdings - A FINCANTIERI Co. Photo Vard

* Positive EBITDA margin during 4Q2015, net loss of NOK 170 million for the quarter   * Net loss of NOK 1.29 billion for FY2015, weighed down by NOK 474 million net FX losses (NOK 734 million FX losses and NOK 260 million FX gain), of which NOK 380 million net unrealized


Cyprus Picks Consortiums to Run Limassol Port

Limassol Port . Pic: Cyprus Ports Authority

 Cyprus has announced the names of successful bidders who will undertake three sectors of operations at the eastern Mediterranean island's primary port of Limassol.   The first – comprising Germany’s logistics company EuroGate International


Transocean 4Q Revenue Up

Henry Goodrich Courtesy Transocean

Transocean Ltd. Reports Fourth Quarter And Full Year 2015 Results:- Revenues were $1.85 billion, up from $1.61 billion in the third quarter of 2015; Operating and maintenance expenses were $794 million, down from $880 million in the prior period; Adjusted net income was $615 million, $1






 
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